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Beyond the volatility: is a near-term recession likely?

August has been a highly volatile period for the financial markets. Reignited trade tensions and recent yield-curve inversions have spooked investors, culminating in a 3% drop in the S&P 500 Index on Aug. 14, its worst day of the year. Ivy provides its perspective on these two market moving events.

Ivy Live/ 8.22.19

FAANG: In the government's crosshairs

The big four tech giants – Apple, Amazon, Facebook and Google – are facing antitrust investigations and scrutiny over data privacy. And surprisingly, the push is gaining bipartisan support. Is it just noise for the tech sector or a larger threat to investors?

Market Perspective/ 8.05.19

Fed cuts rates; where do we go from here?

The Fed announced a much-anticipated one-quarter-percentage-point cut to the federal funds rate. Following the decision, Fed Chairman Powell's press conference commentary was perceived as unexpectedly hawkish. While the market had a 'buy the rumor, sell the news’ reaction, but we believe underlying fundamentals should support continued growth during the rest of 2019.

Maximizing the Value of 529 Plans

Parents are preparing their kids to head back to school as the topic of affording college tuition looms large. Discover how you can help your clients with 529 plans.

Genlink

Attracting assets in motion

Over the next few decades, client assets currently held by Traditionalists and Baby Boomers will be controlled by Generation Xers and Millennials, reshaping the traditional financial advisor model. Discover how you can plan for each generation.

Genlink

Why advisors need to understand each generation

Navigating generational differences can be tricky, whether you’re speaking to a younger client or chatting with a long-time client that might be your parents’ age. Knowing each generation can lead to a growing and stable practice.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Fund Detail

Ivy Core Equity Fund

$16.75NAV as of 9/13/2019

$0.00 / 0.00%Daily NAV Change

Fund Summary

Building a well-rounded portfolio

Strategy

Stock selection stems from uncovering multi-year earnings catalysts that appear underappreciated by the market in companies believed to have strong or strengthening
competitive advantages. Fund focuses on both company-specific and thematic earnings catalysts.

Process

A concentrated portfolio of domestic companies that generally invests across the
valuation and large- to mid-cap spectrum opportunistically. The goal is a portfolio of companies
expected to produce long-term earnings power above expectations.

Experienced management

The portfolio manager has 20 years of industry experience, which includes 12 years of managing the Fund. He began his career as a research analyst covering a wide range of industries from technology and transportation to aerospace/defense and retail/apparel.

Fund explores both company-specific and theme investing

For illustration purposes only. This information contains the opinions of the firm, which are subject to change without notice and should not be considered as investment advice, a recommendation
to purchase or sell a specific security or as indicative of the investment performance of the Ivy Core Equity Fund. Any securities discussed do not represent the entire portfolio, but rather a small
percentage of the portfolio’s holdings. It should not be assumed that any securities transactions or holdings discussed are or will prove to be profitable or that investment decisions made in the
future will be profitable.

Morningstar Style Box

Value

Blend

Growth

Large

Medium

Small

Portfolio Management

Erik R. Becker, CFA

— Ivy Investment Management Company

— 13 Years with Fund

— 21 Years in Industry

Erik Becker is portfolio manager of Ivy Core Equity Fund, Ivy VIP Core Equity and core equity institutional accounts. He has been a member of the Core Equity team since 2003 and served as coportfolio manager of the strategy from 2006 to 2018. Mr. Becker joined the organization in 1999 as an equity investment analyst. He was named assistant portfolio manager of Ivy Core Equity Fund and Ivy VIP Core Equity in 2003. He was appointed assistant vice president in 2004, vice president in 2006 and senior vice president in 2009. Mr. Becker had previously been a teaching assistant with the University of Wisconsin-Madison. He taught undergraduate and graduate students in both introductory and advanced finance courses. He was affiliated with Nicholas Company, Inc. as a research analyst intern in 1998, where he developed buy and sell recommendations for equity securities, performed due diligence on existing holdings and interviewed management teams and analysts. Mr. Becker graduated from the University of Wisconsin-Madison with a BBA in Finance in 1997 and a Masters of Science in Finance in 1999. He was affiliated with the Applied Security Analysis Program as one of a group of students selected to manage a $1.9 million portfolio. Mr. Becker is a CFA charterholder. He is a member of the CFA Institute and the CFA Society Kansas City.

Growth of a $10,000 Investment
through 8/31/2019

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return
Average Annual Total Returns as of 8/31/2019

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

20.44%

3.18%

11.99%

7.75%

12.52%

8.70%

S&P 500 TR USD

18.34%

2.92%

12.70%

10.11%

13.45%

-

Morningstar Large Growth

21.16%

2.69%

15.09%

10.73%

13.69%

-

Quarterly Rates of Return
Average Annual Total Returns as of 6/30/2019

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

18.10%

7.11%

12.47%

7.71%

13.69%

8.66%

S&P 500 TR USD

18.54%

10.42%

14.19%

10.71%

14.70%

-

Morningstar Large Growth

21.11%

10.02%

16.97%

11.33%

14.71%

-

Calendar Year Return

Select Year Range

2014

2015

2016

2017

2018

2009

2010

2011

2012

2013

2004

2005

2006

2007

2008

2003

Class I

9.46

-0.43

3.74

20.80

-4.34

23.82

20.79

1.29

18.58

32.69

-

-

-

-

-34.49

-

S&P 500 TR USD

13.69

1.38

11.96

21.83

-4.38

26.46

15.06

2.11

16.00

32.39

10.88

4.91

15.79

5.49

-37.00

28.68

Morningstar Ratingsas
of 8/31/2019

Category: Large Growth

Overall out of 1236

★★

3 Year out of 1236

★★

5 Year out of 1110

★★

10 Year out of 819

★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking
through 8/31/2019

Category: Large Growth

Rank

Percentile

1 Year

639 /1382

45

3 Year

1058 /1236

85

5 Year

992 /1110

88

10 Year

644 /819

77

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar
Category based on average annual total return and number of Funds in that Category. The Morningstar
Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same
Category, where 1% = Best and 100% = Worst.

Expense Ratios
as of 7/31/2019

Net

0.81%

Gross

0.81%

5-Year Standard Deviation
as of 8/31/2019

Fund

12.98

S&P 500 TR USD

11.96

5-Year MPT* Statistics
as of 8/31/2019

Alpha

-2.46

Beta

1.04

R-Squared

92.51

Sharpe Ratio

0.53

Capture Ratio

Upside: 97.82%

Downside: 114.83%

*Modern Portfolio Theory

Growth of a $10,000 Investment
through 8/31/2019

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Distributions

Historical Prices
Inception 4/2/2007

Select Year & Month

Date

Price

Dividend Reinvest Date

Capital Gain Reinvest Date

Historical Distributions
Inception 4/2/2007

Select Year Range

Ex-date

Income

Capital Gains

Reinvest Gains

Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this
fund's selected share class. NAV is the amount per share you would receive if you
sold shares that day.

12-Month Trailing Dist. Yield
as of 8/31/2019

NAV

0.69%

With Sales Charge

0.69%

Fund Documents

Top 10 Equity Holdings
as a % of net assets as
of 8/31/2019

Microsoft Corp.

Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices.

6.22%

Boeing Co. (The)

The Boeing Company (Boeing) is an aerospace company. Boeing is engaged in the design, development, manufacture, sale and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services.

3.36%

TE Connectivity Ltd.

TE Connectivity is a technology company that designs and manufactures connectivity and sensor products for harsh environments in a variety of industries, such as automotive, industrial equipment, data communication systems, aerospace, defense, medical, oil and gas, consumer electronics and energy.

3.35%

Wal-Mart Stores, Inc.

One of the largest discount retail stores in the world, providing consumer staples and recreational products in 27 countries.

Amazon.com, Inc. operates as an online retailer in North America and internationally.

2.85%

Apple, Inc.

Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide.

The Blackstone Group Inc. is an American multinational private equity, alternative asset management, and financial services firm based in New York City. As the largest alternative investment firm in the world, Blackstone specializes in private equity, credit and hedge fund investment strategies.

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.

Risk Factors: The value of the Fund’s shares will change, and you could lose money on your investment. Because the Fund is generally invested in a small number of stocks, the performance of any one security held by the Fund will have a greater impact than if the Fund were invested in a larger number of securities. Although larger companies tend to be less volatile than companies with smaller market capitalizations, returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. These and other risks are more fully described in the Fund’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial advisor.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.